St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-16


munication:
Gents-We are all tied up, but are solvent
and can pay in full if the market goes no
lower than it has up TO noon. We expect to
extricate ourselves and pay in full tomorrow
morning. C. j. kERsHAw II Co.
Frank Johnson. of the failed firm of
Maurice Rosenfeld & Co.. said to-day
that the firm could not tell just yet how
many of their trades were with the
other clique houses, so that their clique
clients were both their debtors and
creditors. He also said that if the clique
stood by Kershaw it would have to
stand by his firm. Wiltshire, its repre-
sentative, was in town, and they were
Sparing no effort to get at him and bring
him to time. They had their attorney
on his track and intended to hold him
and his colleagues up to their promises.
They had furnished his firm money yes
terday to margin down IA cents, but
FAILED TO RESPOND
with the additional 10 called for, al
though again and again wiring them
that they would do so. They had stood
in the gap almost alone. After being
forced to the wall by the failure OF sup
port that had been repeatedly and posi-
lively promised, they did not propose to
tamely submit to have another firm
made secure and themselves left to per
ish, and they would not do SO. The
failure of Charles Henroten, a promi-
nent stock broker and member of the
New York stock exchange and for
many years the Belgian counsel in Chi
cago, was great surprise and added to
the uneaSineSS. 1t is true that l had
to suspend,' said Mr.. Henroten. The
embarrassment was caused entirely
by the fact that l cannot col
lect money due me. | have
been trading in stocks in New York and
some of my heaviest customers failed to
make good their losses. Then when
pork was cornered here l had some
heavy deals for customers, who did not
keep their margins good and had to set
tie at SD. | just had to settle the trades
and stand it myself and it cost on the
deal over 25.00O. | lost through the
same causes as much more on the stock
market. and the worst of it is that the
men for whom had tOpay out this money
are practically without means them
selves toy. 0 thrre is but little hope
OF reccl ring from tn m. The break III
wheat IL Ii -, al .lv compel me 10 quit.
Of course there IS
MONEY LOST
in that, too, but everything seemed to
come at once. | couldn't respond to the
calls for margins on trades that would
have been perfectly safe as they stood
in panicky times. My liabilities are
about evenly divided between here and
New York. Most Of the indebtedness is
secured. All my assets are in stocks
and bonds, and are secure, of course.
Just what my liabilities and assets are
| could not tell. We have not made up
the balance sheet. We have been
liquidating here all morning, and in a
case like this man can't tell how he
stands. | think, though, from my best
knowledge of affairs now that L will be
able to pay up every dollar and resume
buSinesS.o
In the city court to-day suit was COM
menced by the failed firm Of RoSenfeld
& Co. against Wiltshire, Eckert d Co.,
of Cincinnati, for s1,060000. a deputy
sheriff secured service during the after
noon Oh Wiltshire While the latter was
engaged in a conference i'll a Dearborn
street bank. RGsenfeld said tonight
that the suit was entirely OF civil ma
ture, but what the development may be
he wasn't prepared to state. The suit
had been brought in hurry in order to
secure service ON the defendant Wilt
shire while he was in town, and the de-
tails of the proceeding were still i'll a
chaotic state. The
is the defendants failure to put up mar
gins as they agreed to do. Wiltshire
left the city shortly after being served
with the papers in the suit. This even
ing Frank johnson. of the firm Of RoSen-
felt 81 Co., was pressed for a definite
statement regarding the alleged attach
ment of the account of kershaw & Co.
He said: lit is campaign rumor in
spired evidently by people antagonistic
to us or by parties interested on the
bear side OF the market. The money in
question, if in existence at all, would
have turned the tide this morning and
allowed Kershaw to go through all
right, and prevented most of the
failures. 1t would have been farthest
from our thoughts to stop such pleas
ant event. We have seen enough
decentralization and would make no
and add to the present trouble. | DENY
the report emphatically." Further Mr.
johnson would not say. The break in
the wheat corner and the excitement on
the board of trade has had the effect of
cutting off for the time all grain ship
mentS both for export and Eastern con-
sumption. The shippers here are all at
sea regarding prices and can do nothing
until the panic is over and trade settles
back into legitimate channels. 1t is be-
lieved i'll the railroad Offices that ship
mentS will not be resumed before the
first of the week, although all interested
officials agree in asserting that the
restoration of wheat to normal prices
will have the effect to swell east-bound
tonnage for the next three months to
double the usual proportions.
The aspect of affairs in the Office of G.
j. KerShaW Il Co. this afternoon was
very different from that Of the previous
day, when it was the center of consola-
ton, and the members of dozens of
houses passed to and fro in the presence
OF their expected preServer. Now the
head of the firm
SAT ALONE
in his private office, and the few who
sought an interview were sternly de-
MED. The clerks in the outer apart
ments had ceased to labor in
the books and stood about
whispering over the gloomy
outlook. About p. m. an unexpected
visitor arrived in the person of deputy
Sheriff Burke. He was armed with a
writ OF attachment against the firm in
favor of George ID. Baldwin e Co. 1t
shaw to serve a notice on him, and the
deputy blandly assumed the character
of a country customer desirous of
making a friendly call. 1t wouldn't
work with the clerks. The deputy tried
persuasion and failed. Then he de-
manded admission, showing his star.
He was sQuarely refused, and putting his
sturdy frame against the door he burst
it open in a twinkling. Four of the
clenls rushed at the burly deputy to
eject him. Burke promptly
KNOCKED TWO OF THEM DOWN
and with a vicious kick at the otheys.
jumped into Kershaw's private apart
ment. The writ was read in iiffv and
without waiting for any explanation